Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Vantage at Bulverde, a 288-unit apartment complex outside of San Antonio, Texas.
“Nestled in beautiful Bulverde, Texas, Vantage at Bulverde is conveniently located near popular entertainment hot spots, fine dining, and premium shopping outlets,” said Will Balthrope, IPA executive managing director investments. “Demand for multifamily housing and investment opportunities in the San Antonio area has consistently increased over the last 12 months, and the attention we garnered for this property was evident of the trend.” Balthrope and Drew Garza, IPA vice president investments, represented the seller, Vantage Communities, and procured the buyer, Ilan Investments.
Vantage at Bulverde offer seven modern floor plans with one, two, and three-bedroom apartments for rent with features including in-home washers and dryers, oversized closets, decorative mosaic glass backsplash, USB wall ports, energy star appliances and select homes feature a large fenced yard and island kitchens.
“Built in 2019, Vantage at Bulverde provides our buyer with the unique opportunity to implement a first-generation, unit enhancement program to achieve significant premiums in addition to organic rent growth,” added Garza. “Vantage at Bulverde directly benefits from the rapidly expanding North San Antonio submarket, which boasts an increasing amount of large corporate employers including JP Morgan Chase Regional Headquarters, iHeart Media, USAA World Headquarters, Valero, and the San Antonio International Airport.
Community amenities include a resort-style pool with poolside grills, media lounge, clubhouse, fitness center, reserved covered parking and 24-hour emergency maintenance services.
“Vantage at Bulverde is located 15 miles north of San Antonio at the intersection of the newly expanded US HWY 281 and HWY 46, providing residents with convenient access to San Antonio, Boerne and New Braunfels, Texas. The asset offers residents Hill Country living at its finest and is the only multifamily community within a five-mile radius, providing strong demand and future rent growth, with the property averaging 11% increase on new leases in July,” said Garza. “Due to our targeted marketing efforts, this was a highly competitive bidding process, totaling 16 offers, which included seven groups participating in the final round of bidding.”
“IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, who source the most qualified buyers and obtain the best price for our sellers,” added Balthrope.
